The Australian Bureau of Statistics today released the Consumer Price Index figures for the June 2016 quarter (for the period 1 April 2016 to 30 June 2016).
Both landlords and tenants may wish to:
- check their leases to see whether a CPI rent review is due using the June quarter CPI; and
- if a rent review is due, apply the correct index number for that review.
Here, Partner Meryl Snow and Senior Associate Craig Willey highlight the key areas of interest for landlords and tenants.
Key areas of interest
The new All Groups Index number for Brisbane for the June 2016 quarter is 109.0. This represents an increase of 0.46% (or 0.5 index points) from the March 2016 quarter, which had a value of 108.5. The June 2015 quarter had a value of 107.4, so the new index represents an increase of 1.5% over the corresponding quarter for the previous year.
The new All Groups Index number for Perth for the June 2016 quarter is 108.2. This represents an increase of 0.28% (or 0.3 index points) from the March 2016 quarter, which had a value of 107.9. The June 2015 quarter had a value of 107.7, so the new index represents an increase of 0.5% over the corresponding quarter for the previous year.
At the All Groups level, the CPI rose in all capital cities except Darwin (which did not change) during the June 2016 quarter when compared to the June 2015 quarter. Brisbane recorded the largest increase in that regard (1.5%) while the increases for the other capital cities (excluding Darwin) ranged between 0.5% and 1.4%. A summary of these percentage changes are listed below:
|City||Index for June 2016||Index for June 2015||Percentage Change|
A detailed breakdown of CPI figures is available at the Australian Bureau of Statistics website.